Gold Record High Price Pushes RSI Towards Overbought Zone
Gold Price Outlook: XAU/USD
The price of gold climbs to a fresh record high ($2985) as it breaks out of the February range, with the recent advance in bullion pushing the Relative strength Index (RSI) towards overbought territory.
Gold Record High Price Pushes RSI Towards Overbought Zone
The rally in the price of gold may persist as it carves a series of higher highs and lows, and the precious metal may track the positive slope in the 50-Day SMA ($2824) as it continues to hold above the moving average.
Join David Song for the Weekly Fundamental Market Outlook webinar.
David provides a market overview and takes questions in real-time. Register Here
In turn, a further advance in bullion may push the RSI into overbought territory, with a move above 70 in the oscillator likely to be accompanied by higher gold prices like the price action from earlier this month.
With that said, the price of gold may continue to register fresh record highs as it extends the rally from earlier this week, but the RSI may show the bullish momentum abating if it struggles to push into overbought territory.
XAU/USD Price Chart – Daily
Chart Prepared by David Song, Senior Strategist; XAU/USD on TradingView
- The price of gold pushes above the February high ($2956) as it stages a three-day rally, with a break/close above $3000 (161.8% Fibonacci extension) opening up $3050 (100% Fibonacci extension).
- Next area of interest comes in around $3160 (161.8% Fibonacci extension), but lack of momentum to break/close above $3000 (161.8% Fibonacci extension) may lead to a pullback in the price of gold.
- Need a move below $2940 (78.6% Fibonacci extension) for bullion to threaten the bullish price series, with a move below the weekly low ($2880) raising the scope for a test of the monthly low ($2858).
Additional Market Outlooks
British Pound Forecast: GBP/USD Pulls Back Ahead of November High
US Dollar Forecast: USD/JPY Rebound Keeps RSI Above Oversold Zone
Euro Forecast: EUR/USD on Cusp of Testing November High
Canadian Dollar Forecast: USD/CAD Faces BoC Rate Cut as Trump Tariffs Loom
--- Written by David Song, Senior Strategist
Follow on X at @DavidJSong
The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Products and services available depend on your location and the entity holding your account. Before deciding to trade forex, commodity futures, or digital assets, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to FOREX.com or GAIN Capital refer to StoneX Group Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.
Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.
FOREX.com is a trading name of GAIN Global Markets Inc. which is authorized and regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands (as revised) with License number 25033.
FOREX.com may, from time to time, offer payment processing services with respect to card deposits through StoneX Financial Ltd, Moor House First Floor, 120 London Wall, London, EC2Y 5ET.
GAIN Global Markets Inc. has its principal place of business at 30 Independence Blvd, Suite 300 (3rd floor), Warren, NJ 07059, USA., and is a wholly-owned subsidiary of StoneX Group Inc.
© FOREX.COM 2026